Xerox 2009 Annual Report Download - page 77

75Xerox 2009 Annual Report
Notes to the Consolidated
Financial Statements
Dollars in millions, except per-share data and unless otherwise indicated.
The following table presents the defined benefit plans’ assets measured
at fair value at December 31, 2008 and the basis for that measurement:
Valuation Based on:
Quoted Prices in Significant Other Significant Total
Active Markets for Observable Unobservable Fair Value
Identical Asset Inputs Inputs December 31,
Asset Class (Level 1) (Level 2) (Level 3) 2008 % of Total
Cash and Cash Equivalents $ 497 $ 367 $ — $ 864 12%
Equity Securities:
U.S. Large Cap 149 561 — 710 10%
U.S. Mid Cap 33 — — 33 — %
U.S. Small Cap 26 60 — 86 1%
International Developed 866 740 — 1,606 22%
Emerging Markets 89 84 — 173 2%
Global Equity 8 106 — 114 2%
Total Equity Securities $ 1,171 $ 1,551 $ — $ 2,722 37%
Debt Securities:
U.S. Treasury Securities 4 230 — 234 3%
Debt Security Issued by Government Agency 116 769 — 885 12%
Corporate Bonds 94 1,116 — 1,210 16%
Asset Backed Securities 1 338 — 339 5%
Total Debt Securities $ 215 $ 2,453 $ — $ 2,668 36%
Common/Collective Trust $ — $ 68 $ — $ 68 1%
Derivatives:
Interest Rate Contracts — 77 — 77 1%
Foreign Exchange Contracts — (81) — (81) (1)%
Equity Contracts — 114 — 114 2%
Credit Contracts — 3 — 3 — %
Other Contracts — 7 — 7 — %
Total Derivatives $ — $ 120 $ — $ 120 2%
Hedge Funds — — 3 3 — %
Real Estate 8 117 279 404 6%
Private Equity/Venture Capital — — 331 331 5%
Guaranteed Insurance Contracts — — 104 104 1%
Other 2 19 — 21 — %
Total Defined Benefit Plan’s Assets(1) $ 1,893 $ 4,695 $ 717 $ 7,305 100%
(1) Total fair value assets exclude $(382) of other net non-financial assets (liabilities) such as due to/from broker, interest receivables and accrued expenses.